NOKIA.HE - Nokia Corporation

Helsinki - Helsinki Real-time price. Currency in EUR
3.1505
-0.0350 (-1.10%)
At close: 6:29PM EET
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Previous close3.1855
Open3.1695
Bid3.1450 x 0
Ask3.1465 x 0
Day's range3.1035 - 3.1750
52-week range3.0230 - 5.7420
Volume18,180,141
Avg. volume22,379,646
Market cap17.653B
Beta (3Y monthly)0.05
PE ratio (TTM)N/A
EPS (TTM)-0.0710
Earnings date6 Feb 2020
Forward dividend & yield0.05 (1.59%)
Ex-dividend date2020-02-03
1y target est5.69
  • Bloomberg

    One of Middle East’s Largest Startups Narrowly Averts Collapse

    (Bloomberg) -- Courier app Fetchr, once one of the Middle East’s largest startups, raised as much as $10 million in emergency funding to help avoid collapse.The Dubai-based company, which offers delivery and logistics services to e-commerce firms, is also in the process of securing as much as $25 million in additional funding to turn the company around, according to people with knowledge of the matter.Existing Fetchr investors, who had put up more than $50 million since the company was founded in 2012, will see the value of their shares diluted to almost zero, according to a letter to investors seen by Bloomberg and the people, who asked not to be identified because the matter is private.A spokesman for Fetchr confirmed the company had raised up to $10 million in financing from existing and new investors. He also said a majority of shareholders had approved a new financial and board structure.‘Rapidly Diminishing’Fetchr, once one of the rising stars of the Middle East’s nascent startup scene, was valued at almost $300 million during its latest fund-raising round in 2017.Hunting Unicorns in the Desert: The Sudden Rise of Arab StartupsSilicon Valley investors such as New Enterprise Associates, Nokia Oyj’s venture capital arm and Winklevoss Capital are among its backers, as well as prominent regional investors such as malls operator Majid Al Futtaim.The company last month warned investors that its “financial performance has been rapidly diminishing over the past twelve months” and it had considered a sale of the business or filing for bankruptcy, according to the letter.Fetchr’s rescue includes prominent businessmen such as Iyad Malas, former chief executive officer of Majid Al Futtaim, and Hussein Hachem, who led logistics firm Aramex for five years, said the Fetchr spokesman. As part of the plan, a search is underway to replace the CEO and one of the company’s two founders, Idriss Al Rifai, the people said. Fetchr’s other founder, Joy Ajlouny, left last year, the people said.Uber, Mastercard Deals Mark Arrival of Mideast Tech Sector Fetchr marketed itself as a tech company that delivers packages from mostly online retailers in six countries and almost 500 cities across the Middle East, using the customers’ phone as a GPS location.To contact the reporter on this story: Nicolas Parasie in Dubai at nparasie1@bloomberg.netTo contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Claudia Maedler, Shaji MathewFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bloomberg

    U.S. to Tap $60 Billion War Chest in Boon for Huawei Rivals

    (Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The U.S. has been warning other countries not to buy telecommunications gear from China’s Huawei Technologies Co. and ZTE Corp. The government will soon put real money behind the effort.A new agency, called the U.S. International Development Finance Corporation, plans to tap some of its $60 billion budget to help developing countries and businesses purchase equipment from other companies.“The U.S. is very focused on ensuring there’s a viable alternative to Huawei and ZTE. We don’t want to be out there saying no. We want to be out there saying yes,” Adam Boehler, the first chief executive officer of the DFC, said in a recent interview.He declined to discuss specific company talks or how the money would be spent. However, the plans would be a welcome boost for Sweden’s Ericsson AB and Finland’s Nokia Oyj, which have struggled to compete with Huawei and ZTE equipment that’s often cheaper and at least as capable. The U.S. could bankroll Huawei alternatives through loans or loan guarantees to developing nations and companies, or even acquiring minority stakes in emerging makers of competing gear.Ericsson shares jumped as much as 4.2%, while Nokia gained as much as 3.2% following the story.The U.S. government is concerned about Chinese companies dominating the rollout of faster wireless networks known as 5G. The Trump administration has said Huawei and ZTE gear could be used for spying, an allegation the companies have denied. Many countries, including Germany and France, are reluctant to ban individual vendors like Huawei.How Huawei Became a Target for Governments: QuickTakeHuawei and ZTE “are state-owned enterprises or government-driven companies that subsidize their gear in some cases. The price is decent,” Boehler said. “Longer term, what is the cost of that? You shouldn’t think as a sovereign country from a short-term pricing perspective. Our focus is having people understand what they’re giving up and whether it’s worth it to save some money in the short term. It’s not.”The DFC was created last year to provide development financing to lower income and middle-income countries, which covers about half the world. It’s charged with “helping to advance U.S. foreign policy by countering the growing influence of authoritarian regimes” and expects to be fully authorized and funded by Congress in coming months.The DFC’s $60 billion investment cap is more than twice the size of its predecessor. The new agency can take minority equity stakes in companies, a new tool beyond existing capabilities that includes loans, loan guarantees and political risk insurance.Boehler wouldn’t discuss which DFC tools might be used to support purchases of non-Chinese telecom equipment. However, the Financial Times reported in October that U.S. government officials have suggested issuing credit to Huawei’s European rivals.Ericsson and Nokia didn’t respond to requests seeking comment.Another senior government official recently told Bloomberg News that the U.S. is considering funding mechanisms through the DFC that will decrease the cost of alternative commercial 5G gear. The person asked not to be identified discussing unannounced plans.The DFC is also considering whether to become a founding investor in a new technology infrastructure fund that will back emerging companies in 5G, artificial intelligence, quantum computing and other areas, Boehler said. The fund won’t invest in Chinese companies, he noted.“This could support bids on spectrum, investments in infrastructure or the development of a component for 5G,” he said. “We want to make sure that the next crop of companies, if they’re not U.S.-based, that they at least adhere to the principals we care about -- the rule of law and data protection.”“The real issue about Huawei is not China, it’s security of data,” he added. “We want to ensure that companies adhere to certain data-security standards and the protection people’s information.”Ethiopia is in the midst of privatizing its telecom industry and is auctioning spectrum and licenses. Vodacom Group Ltd., majority owned by British wireless giant Vodafone Group Plc, is planning a joint bid with Kenyan operator Safaricom Plc.“That is a live example that we can play in,” Boehler said. “There are no U.S. companies involved at this point, but the British are bidding.”(Updates with Ericsson and Nokia shares in fifth paragraph.)To contact the reporter on this story: Alistair Barr in San Francisco at abarr18@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Molly Schuetz, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Nokia names veteran Sari Baldauf as group boss to take on 5G challenge
    Reuters

    Nokia names veteran Sari Baldauf as group boss to take on 5G challenge

    Taking on the top job at Nokia will make Baldauf, 64, one of the most high-profile female executives in the telecoms industry globally. Baldauf headed Nokia's networks unit - now the company's main business - between 1998 and 2005.

  • Nokia says working to end patent licensing row with Daimler, others
    Reuters

    Nokia says working to end patent licensing row with Daimler, others

    Nokia said on Friday it was working to end a row with Germany's Daimler and other firms which have complained to the EU antitrust regulators about the level of fees charged for technology patents from the Finnish company. Sources familiar with the matter told Reuters the Finnish telecoms equipment maker had submitted a proposal for resolving the patent licensing fee row, but did not give details. The offer could pre-empt any move by the European Commission to open an investigation and remove the threat of fines if the firm was found to be abusing its position.

  • Nokia operations chief to leave in management reshuffle
    Reuters

    Nokia operations chief to leave in management reshuffle

    Erlemeier, who has been with the company for 25 years and served as chief operations officer for the past two years, was responsible for global operations and procurement, the overall operating model and implementation of cost savings, among other functions. Last month Nokia cut its outlook for this year and next because of the need to step up investment in 5G, sending its share price down by a third.

  • Investing.com

    Apple Rises as Supplier Confirms Expansion in India

    Investing.com - Apple (NASDAQ:AAPL) rose on Monday after its supplier Salcomp confirmed it was taking over a facility in India to make mobile chargers.

  • EU Poised to Send Warning to China on 5G
    Bloomberg

    EU Poised to Send Warning to China on 5G

    (Bloomberg) -- The European Union is poised to say potential 5G suppliers will be evaluated based on their home country’s laws, a stance that could exclude Chinese businesses from some lucrative contracts for the advanced telecommunications networks.“Factors, such as the legal and policy framework to which suppliers may be subject to in third countries, should be considered,” according to a draft of a joint statement obtained by Bloomberg and planned for release next month. The document is due to be approved on an informal basis this week by government envoys with formal sign off by ministers due in December, and the wording is subject to changes.The EU statement outlines the bloc’s position following a risk assessment that described a nightmare scenario where hackers or hostile states could take control of everything from electricity grids to police communications. It warned against reliance on suppliers from countries with non-democratic systems of government.U.S. and European officials have repeatedly flagged concerns about partnering with Chinese equipment makers, such as Huawei Technologies Co., for 5G networks. Chinese companies are obliged to assist the country’s national intelligence organization in their investigations, though Chinese officials and Huawei have said there are exceptions to those rules and the company wouldn’t necessarily be forced to do so.U.S. Secretary of State Mike Pompeo tweeted on Tuesday that the EU’s risk assessment report highlights how nations should install 5G equipment and software only from companies that won’t threaten their security, privacy, intellectual property, or human rights.Key parts of the next-generation infrastructure “such as components critical for national security, will only be sourced from trustworthy parties,” according to the draft statement of EU governments. The 5G build out should be “firmly grounded in the core values of the EU, such as human rights and fundamental freedoms, rule of law, protection of privacy, personal data and intellectual property, in the commitment to transparency.”A spokesman for the EU’s Council declined to comment on the content of the draft communique.German StanceEuropean countries have the ultimate say whether or not to ban a supplier from their national networks for security reasons. German Chancellor Angela Merkel has decided to let Huawei supply some gear as long as the company fulfills certain security standards, despite intense pressure from her own party for an outright ban.The draft also stresses “the need to diversify suppliers in order to avoid or limit the creation of a major dependency on a single supplier” as well as “the importance of European technological sovereignty and promoting globally the EU approach to cyber security.”Besides Huawei, Europe’s Nokia Oyj and Ericsson AB supply 5G equipment.(Updates with U.S. Secretary of State’s tweet in fifth paragraph.)To contact the reporters on this story: Nikos Chrysoloras in Brussels at nchrysoloras@bloomberg.net;Natalia Drozdiak in Brussels at ndrozdiak1@bloomberg.netTo contact the editors responsible for this story: Chad Thomas at cthomas16@bloomberg.net, ;Giles Turner at gturner35@bloomberg.net, Amy Thomson, Richard BravoFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Did You Manage To Avoid Nokia's (HEL:NOKIA) Painful 52% Share Price Drop?
    Simply Wall St.

    Did You Manage To Avoid Nokia's (HEL:NOKIA) Painful 52% Share Price Drop?

    The main aim of stock picking is to find the market-beating stocks. But every investor is virtually certain to have...

  • Telecom Italia Likely to Exclude Nokia From Network Upgrade
    Bloomberg

    Telecom Italia Likely to Exclude Nokia From Network Upgrade

    (Bloomberg) -- Telecom Italia SpA will probably exclude Nokia Oyj from a mobile network upgrade and award the business to Ericsson AB and Huawei Technologies Co., according to people familiar with the matter.Managers at Italy’s biggest phone carrier recently told Nokia they’re concerned the equipment maker is lagging behind rivals on 5G, and that it will likely reduce its mobile network suppliers to two from three, said the people, who asked not to be named because the discussions are private.Telecom Italia is seeking tenders for a three-year project that may be worth about 600 million euros ($665 million), and will decide on the award as soon as this month, the people said. No final decision has been made, and Nokia could still play a role as a mobile network supplier to Telecom Italia, alongside Ericsson and Huawei, the people said.A spokesman for Telecom Italia declined to comment. A spokeswoman for Nokia declined to comment on commercial negotiations with customers, and said the company continues to see solid momentum in its 5G business. It has 48 commercial contracts and 15 live networks for the technology, including some of the world’s largest networks, she said.Losing the business from Telecom Italia would be a setback for Nokia, which now supplies about 30% of the carrier’s wireless gear and employs about 1,400 workers in the country. The Finnish company is struggling to keep pace with its main rivals on 5G and last month cut its profit expectations and suspended its dividend to boost research and development on the technology. Nokia shares fell 0.5% as of 10:04 a.m. in Helsinki. While the loss may be another sign that Nokia is stumbling on 5G, the symbolic significance of the loss may outweigh the direct financial hit -- the contract is small relative to the Finnish company’s 11.3 billion euros of overall mobile equipment and service sales in 2018.The tender is for work to improve Telecom Italia’s 15,000 radio access sites, including a buildout of 5G services at about 5,000 sites, the people said. Ericsson currently supplies about 40% of the carrier’s mobile equipment, and Huawei accounts for about 25%, they said.Telecom Italia Chief Executive Officer Luigi Gubitosi expects the move will help the company save money by enabling it to extract lower prices from its two suppliers, the people said. This can help it tackle its 29 billion-euro debt pile, one of the biggest in the European telecommunications industry.(Updates with Nokia shares in fifth paragraph)To contact the reporters on this story: Daniele Lepido in Milan at dlepido1@bloomberg.net;Niclas Rolander in Stockholm at nrolander@bloomberg.netTo contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, Jennifer RyanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Will the Microsoft-Nokia Alliance Work Out This Time?
    Market Realist

    Will the Microsoft-Nokia Alliance Work Out This Time?

    Yesterday, Nokia announced a partnership with Microsoft (MSFT) to offer digital transformation to enterprises and telecom providers.

  • Bloomberg

    Huawei’s Founder Says No Buyer Yet For Its 5G Technology

    (Bloomberg) -- Huawei Technologies Co.’s billionaire founder Ren Zhengfei said there have been no direct talks between the firm and any U.S. company since his offer to license the Chinese giant’s full portfolio of fifth-generation network technology.His comment contradicts earlier reports that the Chinese telecom gear giant is in talks with potential buyers on a sale.“There are no American companies talking to us,” Ren told a panel in Shenzhen moderated by Bloomberg Television. “Because it’s a very big and difficult decision to make, the big companies need to consider it seriously,” he said. Should a buyer appear, investment banks may be called in to facilitate a deal, he added.In September, Ren said Huawei is ready to license its 5G technology, including chip designs, hardware and source code, to a single, exclusive licensee. That should be a U.S. company because Europe is home to close competitors like Nokia Oyj and Ericsson AB and doesn’t need help to compete, he added.Huawei, accused by Donald Trump’s administration of aiding Beijing in spying while spearheading China’s tech-superpower ambitions, is trying to claw back business and shore up trust in its products. The company has repeatedly denied such allegations.The world’s second-largest smartphone maker is expecting its 2019 smartphone shipments to jump as much as 21% to 250 million units, defying a U.S. export ban that cuts Huawei off from key American components.To contact Bloomberg News staff for this story: Gao Yuan in Beijing at ygao199@bloomberg.netTo contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Investing.com

    StockBeat: Marvell Soars on Wells Fargo Upgrade

    Investing.com – Marvell Technology surged on Monday as Wells Fargo (NYSE:WFC) upgraded its outlook on the chipmaker, betting that the revival in data center spending and the rollout of 5G-enabled phones would boost chip sales.

  • Nokia eyes Malaysian ports for 5G business as Huawei takes early lead
    Reuters

    Nokia eyes Malaysian ports for 5G business as Huawei takes early lead

    Nokia is targeting Malaysian ports in a bid to get a share of the country's fifth-generation (5G) technology market, as the Southeast Asian country prepares to launch the ultra-fast mobile internet service next year. The Finnish company worked with Germany's Port of Hamburg last year to test the technology in traffic-lights management, data processing from mobile sensors and virtual reality, and is keen to build on that experience in Malaysia, Siva Shanmugam, head of Nokia in Malaysia, told Reuters. Nokia's push comes at a time when it expects to face tough competition from China's Huawei [HWT.UL], the world's largest telecoms equipment maker, that has already signed 5G deals with telecoms firms in Malaysia as it battles a U.S. blacklist.

  • U.S. Officials Warn of Danger Posed by China’s Huawei and ZTE
    Bloomberg

    U.S. Officials Warn of Danger Posed by China’s Huawei and ZTE

    (Bloomberg) -- Chinese companies like Huawei Technologies Co. and ZTE Corp. threaten U.S. national security because the use of their equipment in networks gives the Chinese government an advantage it can use for espionage, cyberattacks and intellectual property theft, according to senior officials and lawmakers.“The country that owns 5G will own innovations and set the standards for the rest of the world and that country is currently not likely to be the United States,” said Jessica Rosenworcel, a commissioner at the Federal Communications Commission, quoting a U.S. military report on 5G.She was speaking at a Thursday hearing of the Senate Committee on Homeland Security and Governmental Affairs, where officials from the U.S. State Department, Department of Homeland Security and Department of Commerce testified about the dangers posed by Chinese equipment in telecommunications networks.The FCC is scheduled to vote Nov. 19 on a proposal that would prevent U.S. government subsidies from being spent on gear from Huawei and ZTE, and regulator is also considering whether to require U.S. companies to remove gear from the Chinese companies.The use of devices from Chinese companies like Huawei and ZTE poses “a serious national security risk and could open a back door into critical American national security networks,” said Gary Peters, a Senator from Michigan and the top Democrat on the committee. “China’s edge in the development of 5G equipment and standards poses a threat to both American economic dominance as well as our national security.”The Trump administration wants to keep Chinese products out of future 5G wireless networks, and the State Department has threatened to curb intelligence-sharing with allies if they don’t comply. The White House is also trying to stop what it says is China’s theft of intellectual property. In May, the U.S. put Huawei on a blacklist, limiting its access to important U.S. suppliers. “One of the reasons they can compete with us on 5G is because they’ve stolen hundreds of billions of dollars worth of our intellectual property, and now they’re threatening to leapfrog us from that stand point,” Ron Johnson, a Republican from Wisconsin who chairs the committee, said during Thursday’s hearing.A big concern is that China can require its companies to secretly cooperate with Chinese intelligence and security services, Robert Strayer, deputy assistant secretary for Cyber and International Communications and Information Policy at the State Department, said.Huawei and ZTE telecom gear in older U.S. networks also poses security risks, the FCC’s Rosenworcel said.“Much of this equipment lies next to military bases in this country. It’s insecure and we need to move it out,” she said, adding that the U.S. government should create a map to locate the gear. “We have to understand where it is before we decide what dollars we make available to help rip and replace it.”Diane Rinaldo, acting assistant secretary for communications and information at the Department of Commerce, said the telecom-equipment supply chain is “increasingly vulnerable to certain foreign sourced products and services.”The Department of Homeland Security seeks “a competitive global ecosystem for trusted 5G vendors,” said Christopher Krebs, who directs the Cybersecurity and Infrastructure Security Agency at the Department of Homeland Security. Finland’s Nokia Oyj and Sweden’s Ericsson AB, two other telecom gear makers, have struggled to compete with Huawei and ZTE, especially on price. That’s made some U.S. telecom companies more likely to buy Chinese equipment.Even if the U.S. secures its own networks, failure to persuade allies to avoid equipment made by Chinese companies is a dangerous possibility, officials warned.“Secure networks in the U.S. will only get us so far,” Rosenworcel said. “We need to start researching how we can build networks that can withstand connection to equipment vulnerabilities around the world.”To contact the reporter on this story: Alyza Sebenius in Washington at asebenius@bloomberg.netTo contact the editors responsible for this story: Alex Wayne at awayne3@bloomberg.net, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Nokia hires 350 workers to speed up 5G development
    Reuters

    Nokia hires 350 workers to speed up 5G development

    Telecom network equipment maker Nokia has hired hundreds of engineers in Finland this year to speed up its 5G development, the company said on Wednesday. The Finnish company, rival to Sweden's Ericsson and China's Huawei, slashed its 2019 and 2020 profit outlook last week, saying profit would come under pressure as the company spends more to fend off rivals in the fast-growing 5G networks business. Nokia has recruited 350 staff in Finland this year, 240 in its mobile networks unit and many dedicated to developing SoC (system on chip) integrated circuits - a key element for its 5G equipment, a Nokia spokeswoman said via email.

  • Are These 3 Cheap Stocks Must-Owns at Current Prices?
    Market Realist

    Are These 3 Cheap Stocks Must-Owns at Current Prices?

    I love a good bargain, and my contrarian nature mandates that I buy cheap stocks when everyone else is freaking out. Here are three to look at.

  • Verizon exec: 5G will be 'transformational' for society, not just economy
    Yahoo Finance UK

    Verizon exec: 5G will be 'transformational' for society, not just economy

    Ronan Dunne, CEO of Verizon’s consumer internet division, said on Friday: “5G is not another G — it’s a fundamentally transformational capability."

  • Nokia Slumps 22% on Weak Outlook, Dividend Rollback
    Market Realist

    Nokia Slumps 22% on Weak Outlook, Dividend Rollback

    Telecommunications equipment giant Nokia announced its third-quarter earnings results today. It's down 22.4% as of 12:10 PM ET.

  • Nokia Has No Excuse for Failing
    Bloomberg

    Nokia Has No Excuse for Failing

    (Bloomberg Opinion) -- Nokia Oyj only really has two competitors in the telecoms equipment business, and one of them — China’s Huawei Technologies Co. — has been all but banned from much of the market. At the same time, phone companies are opening their checkbooks for a new generation of 5G technology that’s only supplied by Nokia, Huawei and the other big rival, Ericsson AB.Pretty ripe conditions for a thriving business? Not for Nokia. The Finnish company on Thursday cut its profit outlook for this year and next, and suspended a dividend payout. Nokia shares fell the most in 19 years. Chief Executive Officer Rajeev Suri urgently needs to stop the bleeding.With a new burst of infrastructure spending by the big telecoms carriers, mobile networks should be a bright spot for equipment makers. Yet they’re Nokia’s biggest problem. Revenue from this business grew just 4.4% in the three months through September. Sales at Ericsson’s networks arm (which includes more than just mobile products) rose 9% in the same period.Ericsson’s performance may be flattered by its decision to cut prices to attract new customers, and then look to make bigger profit from long-term service contracts. Nokia is wary of copying this strategy, which has gone wrong for its Swedish rival in the past after the long-term revenue didn’t appear.But that caution isn’t helping. The gross profit margin at Nokia’s network arm still fell to 29% in the third quarter, down from 34% a year earlier. Suri ascribes that to the higher cost of 5G components. Because adoption of the technology isn’t yet widespread, economies of scale haven’t lowered its expenses. Unfortunately for Suri, Ericsson’s gross margin in the most similar part of its business increased slightly over the same period.Nordea Bank analyst Sami Sarkamies reckons Nokia simply lags behind Ericsson technologically. That makes Nokia’s equipment more expensive to produce. With the company still having to try to compete with Ericsson on price, this erodes profitability.Thursday’s share price decline has erased more than 5 billion euros ($5.6 billion) of Nokia’s market value, leaving it capitalized at 21 billion euros. That’s big, but not too big to be an acquisition target. American authorities are eager to beef up the 5G capabilities in the U.S., given China’s relative strength, so maybe a company like Cisco Systems Inc. or Qualcomm Inc. might be persuaded. A bid at the shares’ one-year-high, touched in January, would represent a 50% premium over where the stock was trading on Thursday. It’s far from certain that would overcome Finland’s concerns about losing a national champion, but it might at least make it think. Suri needs to find some answers quickly to ensure this remains only market talk.To contact the author of this story: Alex Webb at awebb25@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

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